Here are five things you need to know this morning
PM Carney heads to Washington: Prime Minister Mark Carney is preparing to meet with U.S. President Donald Trump tomorrow in his second visit to the White House since he was elected. CTV News is reporting that Carney is aiming to find relief for Canada’s steel and aluminum sectors which have been hit hard by American tariffs. Ottawa appears to be managing expectations for the meeting, with sources telling The Globe & Mail that this will just be a working visit, with no breakthroughs expected.
AMD in deal with OpenAI: Enthusiasm about artificial intelligence continues to be a key driver of stock markets. Today Advanced Micro Devices announced it has inked a deal with OpenAI to roll out AI infrastructure in a pact the chipmaker said could generate tens of billions of dollars in new revenue. AMD’s shares soared. The two companies signed a definitive agreement for OpenAI to deploy six gigawatts of AMD GPUs over multiple years. AMD has given OpenAI a warrant for up to 160 million shares, which will vest as milestones are achieved.
OPEC+ boosting production: The price of oil traded higher this morning after OPEC+ agreed to raise production by a modest amount, staving off traders’ fears of a super-sized increase. On Sunday, the Organization of the Petroleum Exporting Countries and partners including Russia backed a 137,000-barrel-a-day increment, well below some of the possible figures reported before the decision. Crude has fallen this year on concern worldwide output will top demand over the next few months.
Tesla teases product launch: Shares of Tesla traded higher in the premarket after a series of social media posts sparked investor enthusiasm. First, the company posted a video clip of a black hubcap-like object with a Tesla logo spinning before flashing the numbers 10/7, likely referencing a product unveiling on Tuesday. A second post appears to show a car parked in pitch-black darkness, revealing only its headlights. Tesla last added a new product to its lineup almost two years ago with the Cybertruck, and the polarizing pickup has been a disappointment.
Tim Hortons raising prices: Bad news for Canadian coffee drinkers – Tim Hortons is raising its prices. In a statement to CTV News, a Tim Hortons spokesperson said the restaurant chain is raising coffee prices for the first time in three years, suggesting that compared to inflation, the price increase of 1.5 per cent per cup was “more than reasonable.” The price of coffee beans has more than doubled, Tim Hortons said, noting that the price hike would boil out to “an average of three cents per cup.”
